Mauritius has been attracting more and more investors and residents in recent years despite the gloomy international business climate. Why?
If we take a closer look at what the country has to offer and the changes it has managed to implement to attract this much-needed FDI, it may offer a clue.
Property in Mauritius, although only recently made available to foreigners through the Mauritius RES, IRS and IHS schemes, has proven a hit with buyers from around the world putting up money to claim a small piece of this island paradise. It could be argued that the many tourists that have flocked to the island over the years have served as “suppressed” demand, while foreigners were unable to shop in Mauritius (until late 2005), so when the government made changes in the legislation that allowed for them to buy there was something like a mad rush.
Fast forward to around 2008 and the global financial system basically collapses leading to a pretty serious recession globally, Mauritius certainly hasn’t escaped the impact of it but it has managed to show impressive growth and where other countries are having pressure in terms of its property markets Mauritius still has a fairly buoyant market with new developments springing up in both the residential and commercial sectors. The manufacturing and agricultural industries, more specifically textiles and sugar, have declined mainly due to the competitiveness of eastern markets and falls in sugar prices, prompting the government to take swift and bold action to find alternative income for FDI, promoting foreign trade. Onshore businesses to set up in Mauritius with attractive tax incentives, stable business and political environments, allowing foreigners to invest in property and relaxing VISA controls Mauritius has managed to maintain a positive growth rate.
Ranked among the easiest places in Africa, if not the world, to do business in by various publications, such as having the second cleanest air in the world, its ideal geographic location between Africa and the East, natural beauty, and last but not less important, sound micro and macro economic policies. put Mauritius in a very strong position for the next rebound in the global economy.
When considering whether or not property in Mauritius is a good option as an investment, it is a good idea to visit the Mauritius Board of Investments website for more specific details on legislation relating to foreign property.